April 2018: A $350 Million Fund has been established to help borrowers in Public Service Loan Forgiveness (PSLF) meet program requirements. Please read the NY Times article detailing this fund and how it may benefit you.
Recordings of How to Manage Your Student Loans During Residency (Full Length), Where to Start, The Effects of Postponing Payments, Choosing the Best Repayment Plan, Public Service Loan Forgiveness, and Consolidation, Refinancing and Taxes are available for your viewing.
Graduated and Working in Rhode Island? Consider the 2019 Wavemaker Fellowship where you could receive an annual refundable tax credit against your RI income tax to defray the cost of student loan repayments. Applications available January 2019. For more details, please visit website.
The National Association of Financial Aid Administrators recently published the following article that may impact the servicing of your federal loans - ED Announces Move to Single Student Loan Servicer.
Fannie Mae Introduces Innovative Solutions for Borrowers with Student Loan Debt: Innovations Help Borrowers Pay Down Student Debt and Overcome Debt Related Obstacles When Buying a Home article is worth a read.
Physicianloans has increased their maximum loan amount up to $750K with no money down for qualified homebuyers.
Fall of Intern Year
Select a repayment plan for your Direct/PLUS Loans while your loans are still in the grace period. Decide whether you would like to consolidate and combine your Perkins or LDS Loans with your Direct/PLUS Loans. Consolidation allows you to roll these into one new loan that you can repay using one of the income-driven repayment plans.
After November 15th, complete and submit a Brown Residency Deferment Application for your Brown Institutional Loans. Complete your portion of the form and forward it to your residency program coordinator. The coordinator will need to complete and certify/stamp the bottom portion of this form. Then return to the Brown Loan Office for processing. New paperwork must be submitted each year. Have more questions? Please visit the Brown Loan Office website.
The first payment is due in December on Direct/PLUS loans and must be sent to your federal loan servicer.
Winter of Intern Year
The first payment is due on January 1st for your Brown Institutional Loans and must be sent to the Loan Office, unless you have completed the residency deferment process above. Visit https://heartland.ecsi.net/ to review your loans and make payments online.
The first payment is due on April 1st for your Perkins Loans and must be sent to the Loan Office, unless you have completed the forbearance process above. Visit https://heartland.ecsi.net/ to review your loans and make payments online. Have you considered consolidating your Perkins loans into at least one of your Direct loans? This would reclassify your Perkins loans as federal loans and an IDR and possible PSLF would then be available.
Ongoing During Residency
When you've chosen an income driven repayment plan (IBR, PAYE, or REPAYE) for your federal loans, remember that you will need to verify your income each year, as early as August and September. So, be careful to pay attention to emails you receive from your servicer.
Consider completing the Public Service Loan Forgiveness (PSLF) Certification form with your employer annually to keep track of months earned. See form below-make sure all section are completed prior to submitting.
You must plan on reapplying if you wish to extend a deferment or forbearance for your Brown loans. The deferments and forbearances are typically granted for 6 to 12 months at a time. (Ex: The Medical Loan offers 36 months of residency deferment. If your initial residency deferment is granted for 12 months, you will need to complete the entire deferment process again each November.)
Helpful Links for Resident Years
Paycheck City site for calculating Take Home Pay by state and date